Business
Statement re Sale of Agricult
Statement re Sale of Agricult.
About this update from Harworth Group Plc
[{"type":"text","content":"\n RNS Number : 1591X UK Coal PLC 01 December 2010 \n \n\nUK COAL PLC\n \nSale of Agricultural Land\n \nUK COAL PLC (UK COAL or the Group) announces that it has exchanged contracts to sell approximately 1,355 acres of agricultural land, together with associated buildings to H.W. Martin (Farms) Limited, a privately owned business.\n \nThe consideration is £7.0 million payable in cash on completion. In addition, further consideration may become payable in the event that development of the land takes place subsequent to the disposal. The right to mine any potential coal in the ground has been retained where appropriate. \n \nThe disposal is part of the previously announced programme to dispose of around 8,000 acres of the Group's surplus agricultural land from which we expect to receive proceeds of over £24 million before the end of the year; this transaction takes the current position to £11m.\n \nThe proceeds will be used to reduce the Group's indebtedness and bank facilities. These land holdings had an asset value of £6.4 million at 26 December 2009 and generated £0.1 million of net rental income for the year ended 26 December 2009.\n \nEnquiries:\n \nAnalysts and investors:\nDavid Brocksom, Group Finance Director Tel: 01302 755 002\n \nMedia:\n \nCitigate Dewe Rogerson\nAnthony Carlisle Tel: 020 7638 9571. Mobile: 07973 611 888\n \n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END STREAEAFEDXEFFF \n ","length":2963,"tagName":"div"}]